August Jobs Report: What to Watch For
The Labor Department will release the latest hiring and unemployment figures at 8:30 a.m. Eastern time. The monthly report provides one of the better snapshots of the state of the American economy. Here’s what to watch for:
Wall Street analysts expect that 180,000 jobs were created in August, less than the previous month’s unexpectedly strong 209,000 gain but still in line with what’s considered a healthy job market. (Hurricane Harvey will not affect the August report because the data was collected well before the storm hit.)
Unemployment is expected to remain flat, at 4.3 percent. If it falls, it’ll be at the lowest rate since February 2001. Average hourly earnings are expected to rise by 0.2 percent from July. Even as hiring has picked up in recent years and the unemployment rate has dropped, wages have remained relatively stagnant.
That means an improvement in hourly earnings could be a further sign of a strengthening economy.
Here’s your full preview of the jobs report on a big day for America’s economy
Friday is packed with economic news on US employment, consumer sentiment, car sales, and manufacturing. Headlining these will be the monthly jobs report, due from the Bureau of Labor Statistics at 8:30 a.m. ET. To recap July, the economy added 209,000 jobs, many more than expected, thanks to strong hiring in the leisure and hospitality industry.
The unemployment rate fell back to a 16-year low of 4.3%. Wage growth remained anemic but was slightly stronger than forecast, rising at a faster rate for lower-paying jobs and by 2.5% year-on-year.
Today's Trading Lesson
Journal Fast-Edit Later
You don’t need to write a book, but you do need to write. Don’t worry if it’s perfect. Just write what you observe.
Yes-you need to journal while you are trading. You will NEVER remember at 5 pm what you noticed at 10:15 am. Not with clarity and context anyway.
Don’t tell me you are too busy to write when you are trading. That’s saying you don’t have to time to document how to be successful. It doesn’t need to be detailed. Bullet points are fine, you can add to the point later.
If you are diligent, you will find yourself writing the same thing. Maybe not 2 days in a row but most likely twice in the same week. Most often it’s a mistake. Something you need to stop or do more often. Either way it’s in print so you can review.
Your day trading rules will change as your skills evolve, but this rule should never be let go.
It’s that important.
On the Tape Today | 9-1-17
WYNN-Wynn Resorts set to test the $140 breakout level, again. Popped up on the radar this morning because of the significant increase in volume yesterday. Game planning to initiate half of my position using a $139.50 buy stop.
Will not increase shares until two closes on the daily chart above $140. Stop loss on the initial shares comes in on a close below $138. Ultimate target on the swing trade projects a sale in the $150 area.
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Stock Market Sector Performance
Stocks to Trade | Friday Edition 9-1-17
Bullish Momentum: HTZ, DVAX, CELG, CAG, CAR, WB, GILD, ALXN, EXAS, LVS, AMGN
Bearish Momentum: aaoi, fslr
Bullish Order Flow: JUNO, WB, TTWO, BABA, EXAS, GILD, DLTR, MCHP, CRM, SRPT, ADBE, AAPL, EA, UNH, CELG
Bearish Order Flow: fl, apa, lb, hp, aal, apc, ual, cof, khc, luv, mo, etn
Double Normal Volume: DD, GILD, CTRP, MOMO, DG, LULU, JUNO
Inside Days: kr, c, amat, bby, exc, wba, wdc, aa, cag, rost
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